SMM May 26 News:
As mid-year approaches, financial reports of major listed overseas mining companies for the first quarter have all been released. A combination of earthquakes, falling ore grades, floods and other disruptions has hampered global mine operations, driving down overseas zinc concentrate output both year-on-year and quarter-on-quarter in Q1 2026.
SMM compiled production data from 20 leading overseas miners. Their total contained zinc production in Q1 2026 stood at 1.282 million tonnes, representing a year-on-year decrease of 54,300 tonnes (-4.1%) and a quarter-on-quarter decline of 119,500 tonnes (-8.5%). Overseas zinc concentrate output fell sharply in the first quarter.
Production Performance of Major Miners
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Boliden: Its mines across regions all recorded lower output. Tara Mine produced 17,400 tonnes of contained zinc in Q1 2026, down 19% year on year. Garpenberg Mine in Sweden delivered 19,300 tonnes, a 22% year-on-year drop caused by reduced grinding throughput and lower zinc grades. The Boliden Area Mine in Sweden yielded 8,800 tonnes, falling 24% year on year, while Zinkgruvan Mine registered 17,500 tonnes, down 17% year on year. Somincor Mine posted 25,900 tonnes, a 6% year-on-year decline. Severe flooding constrained its grinding capacity during the quarter.
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Buenaventura: The company’s Q1 contained zinc output hit 7,300 tonnes, up 27% year on year. Peru’s El Brocal Mine had no zinc concentrate production in this period. Uchucchacua Mine turned out 6,900 tonnes of contained zinc, a 32% year-on-year rise in line with expectations. Tambomayo Mine produced 400 tonnes, down 22% year on year due to low zinc grades in mining areas.
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MMG: Total contained zinc output in Q1 reached 50,200 tonnes, down 3% year on year. Dugald River contributed 41,100 tonnes, nearly unchanged from a year earlier. Despite severe floods and subsequent railway disruptions in January and February, higher processing capacity, improved recovery rates and continuous concentrator optimization supported stable production. Rosebery Mine produced 9,100 tonnes, down 16% year on year, mainly due to lower zinc grades, a slight drop in recovery rates and scheduled mining arrangements. The company set its annual production guidance at 170,000–180,000 tonnes and 45,000–55,000 tonnes of contained zinc for the two mines respectively.
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Newmont: The company’s Q1 contained zinc output was 62,000 tonnes, up 5% year on year. Its full-year production guidance for 2026 is 220,000 tonnes of contained zinc.
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Nexa: Total Q1 contained zinc output amounted to 79,400 tonnes, rising 18% year on year, thanks to improved ore grades across all its mines. Nevertheless, the figure dropped 13% quarter on quarter, as Cerro Pasco Complex and Cerro Lindo cut ore processing volumes. Cerro Lindo was particularly affected by heavy rainfall. Operations at Aripuanã and Vazante performed as projected.
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Pan American Silver Corp: Q1 contained zinc output reached 15,200 tonnes, an 8% year-on-year increase. The 2026 full-year production guidance is set at 58,500 to 62,500 tonnes of contained zinc.
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Teck: Red Dog Mine produced 106,200 tonnes of contained zinc in Q1, down 9% year on year amid declining ore grades, which was in line with the mine’s mining plan. Its production is expected to keep declining through 2026 and 2027.
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Vedanta: Zinc India in India recorded 315,000 tonnes of contained zinc in Q1, up 2% year on year, driven by higher ore output and upgraded ore grades. Its international zinc business saw mixed results: Gamsberg Mine produced 42,000 tonnes, a 5% year-on-year increase, while BMM Mine yielded 7,000 tonnes, down 30% year on year.
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Glencore: The company’s self-produced contained zinc totalled 176,900 tonnes in Q1, down 17% year on year. Its 2026 full-year production guidance was lowered to 700,000–740,000 tonnes.
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Antamina: Q1 contained zinc output stood at 62,600 tonnes, plummeting 31% year on year. Annual contained zinc production is forecast to fall to 240,000–280,000 tonnes in 2026, and drop further to 150,000–200,000 tonnes in 2027.
2026 Market Outlook
Per SMM data, overseas contained zinc output is not expected to grow year on year for the full year of 2026. New supply increments will come from the upcoming launch of Peru’s Romina Zinc Mine, steady production ramp-up at Gamsberg Mine, as well as the resumption of operations at Portugal’s Aljustrel Mine and Australia’s Endeavor Mine in Q1 2026.
However, multiple bearish factors will weigh on overall supply. Russia’s Oz Mine is unlikely to ramp up output notably this year. Antamina’s annual contained zinc production will drop by over 200,000 tonnes year on year. Partial mines of Glencore’s Mount Isa complex will be shut down, leading to further production cuts. Teck’s Red Dog Mine is projected to cut output by around 60,000 tonnes year on year. Besides, Boliden’s Garpenberg Mine suffered operational disruptions from earthquakes in Q1, dragging down its full-year production expectation.
Overall, overseas zinc concentrate output, measured by contained zinc, is set to see a mild year-on-year decline in 2026.
(The above information is based on market collection and comprehensive evaluation by the SMM research team. The information provided in this article is for reference only. This article does not constitute direct advice for investment research and decision-making. Customers should make cautious decisions and should not replace their independent judgment with this information. Any decisions made by customers are not related to SMM.)
